SoftBank’s Infrastructure Bet Creates a $32 Billion Funding Gap

SoftBank shifts from investor to AI operator, facing a $32B funding gap amid a $40B bridge loan, robotics acquisitions, and a planned Roze IPO by 2026.

SoftBank is remaking itself from a portfolio investor into a hands-on operator of artificial intelligence infrastructure, but the transformation comes with a price tag that is straining its balance sheet. The Japanese conglomerate has been on a buying spree, snapping up assets in robotics, chip design, and data centers, while simultaneously launching a new AI robotics unit called Roze. The combined financial demands of these moves have created a funding shortfall that analysts estimate at roughly $32 billion over the next two years.

The acquisition tally is formidable: $5.4 billion for ABB’s robotics division, $6.5 billion for US chip designer Ampere Computing, and the planned takeover of DigitalBridge Group for around $4.0 billion in enterprise value—a deal already approved by DigitalBridge shareholders. DigitalBridge brings portfolio holdings such as AtlasEdge and Vantage Data Centers, which are expected to serve as the foundation for a new automated data center construction unit.

To bridge the gap, SoftBank has secured a $40 billion bridge loan, the largest dollar-denominated credit facility in its corporate history. The company is also exploring the sale of its Intel stake, valued at roughly $6 billion, which would reduce debt and free up capital for the “Stargate” project—a $500 billion data center initiative co-developed with OpenAI and Oracle.

The newly formed Roze unit is central to SoftBank’s strategy. Built on existing investments of around $15 billion, the platform aims for a valuation of $100 billion. It will develop AI-driven robotics for data center construction and operation, with ABB Robotics as a strategic partner providing automation technology. SoftBank plans to take Roze public by the end of 2026, and the IPO will serve as a critical test of whether investors accept AI robotics as a standalone asset class.

Capital expenditure for the current year is expected to range between $125 billion and $145 billion, underscoring the scale of SoftBank’s commitment to physical AI infrastructure. The company is also sharpening its focus on Japan, where international investors are showing growing interest in acquisitions and expansion, while maintaining a presence in North America across logistics, commercial real estate, education, and cleaning.

Arm Holdings remains a double-edged sword. The stock has rallied sharply this year, but its low free float limits its usefulness as collateral for borrowing. That leaves SoftBank’s management and financing team reliant on asset sales and traditional debt markets.

The strategic shift has been formalized. In late April 2026, SoftBank’s board approved changes to its corporate charter that add the development, construction, and operation of data centers, as well as the manufacturing and leasing of robotics equipment, as core business purposes. The changes are slated for a vote at the June 2026 shareholder meeting.

AI is no longer just an investment theme for SoftBank—it is now operational core business. The sustainability of this model will come into sharper focus when the company reports full-year results for the fiscal year ending March 2026, expected in May. Particular attention will be paid to valuation gains from its OpenAI stake, which after the latest funding round is estimated at around $20 billion.